Flipkart to invest Rs. 255 crore more in payment platform PhonePe

The development comes after Flipkart's closure of the blockbuster funding of $4 billion led by SoftBankTNN | October 05, 2017, 09:20 IST

PhonePe, Flipkart's payments platform, has received a capital infusion of about Rs 255 crore, as per filings with the Registrar of Companies (RoC). The development comes after Flipkart's closure of the blockbuster funding of $4 billion led by SoftBank. PhonePe has received the funding from Singapore-based Flipkart Payments Pvt Ltd. Prior to this, the company has seen capital infusion of about Rs 186 crore, as per the RoC documents.

The company confirmed the development.

"This capital infusion will be used to grow our business, build our team and scale our marketing efforts. We are growing exponentially right now at nearly 100% every two months. 45% of all UPI transactions in August were driven by us, resulting in a phenomenal 66% growth in volume of transactions over July," said Sameer Nigam, CEO, PhonePe.